The Congressional Budget Office predicts the federal budget deficit will rise to $1.2 trillion for 2009.

And that’s before taking into consideration incoming President Barack Obama’s economic stimulus plan, which is sure to send that already incredible number skyward.

And things are likely to get worse in years to come. The recession is expected to linger and Obama has warned of trillion-dollar deficits for several years ahead.

Two reasons why our red ink is rising is that the recession has caused expected tax revenue to shrink and we are shoveling dollars h...

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